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“Only AI can fight AI,” says the head of Brazil's CVM, who is asking for more resources for oversight

At an Anbima event on 11/06, Otto Lobo, president of the CVM (Brazil's securities regulator), said AI needs to be at the center of capital markets oversight because wrongdoers already use it, including “swarms of agents” in attempts to break into systems, and that market participants draft appeals to the agency with AI. According to Valor, he said the CVM has not yet received the resources for the new data structure and that the agency told the Finance Ministry and the Supreme Court (STF) it needs to hire 1,200 staff over four years.